Yarrells Property has represented Cinesa, Spain’s largest multi-screen cinema exhibitor in the renegotiation of the terms of its lease in the Manoteras leisure complex in northern Madrid.

Yarrells Property, as part of a broader real estate stragtegy and cost cutting review it is performing for the cinema group, advised and conducteed negotiations on behalf of its client with Landlord, German open ended fund AXA Inmoselect, to reach an agreement that reposition the lease taking into account current market circumstances and is considered a win win for landlord and tenant.

NewsComments Off on Yarrells Property represents Cinesa in two further lease renegotiations – 18,000m2

Oct172014

Yarrells Property has represented Cinesa, Spain’s largest multi-screen cinema exhibitor in the renegotiation of the terms of the leases in the shopping centres Parque Principado in Oviedo and Nassica in Getafe, Madrid

In the second quarter of 2014, Yarrells Property, as part of a broader real estate strategy and cost cutting review it is performing for the cinema group, advised and conducted negotiations on behalf of its client with Landlord, Intu, the UK based shopping centre fund, which acquired Parque Principado in the summer of 2013 for approx. 162M€. Agreement was reached that repositioned the lease taking into account current market circumstances and at the same time agreeing improvements to the centre which will benefit all parties involved.

In the same period, Yarrells Property also conducted the negotiations to reach agreement with British Land to revise the terms of the lease in Nassica, the retail and leisure park in Getafe Madrid. The park has subsequently been sold to US based fund KKR.

Gas Natural Fenosa has sold it’s signature buildings in Madrid in a major sale and leaseback operation worth over 200MM€.

The portfolio comprised 4 buildings with a total office area of approximately 55.000m2 of offices and 1700 parking spaces.

The buildings include the company’s Madrid headquarters at Avda San Luís 77 and the prominent office tower on Avenida de América 38, plus two smaller properties, Antoinio López 193 and Acanto 11.

Gas natural has agreed a lease contract for a minimum period of 10 years on all of the properties.

Yarrells Property, in the figure of Ian Cassidy, has coordinated the project from conception to conclusion, working with the property team at Gas Natural and liaising with sales agents Cushman and Wakefield and CBRE plus legal and technical internal and external teams.

Having gone to market in June 2016, inviting over 150 nvestors to take part, the sale was completed in December with the portfolio being split into two blocks. The San Luis HQ was sold to ZAMBAL SOCIMI S.L., a Spanish REIT managed by IBA Capital, whilst the rest of the portfolio was sold to a private investor.

Yarrells Property has represented Ricoh in the renegotiation of the lease of its office headquarters in Sant Cugat, Barcelona. After analyzing several attractive opportunities to move to a new property in a highly competitive office location where with a high vacancy rate, landlord and tenant reached agreement to extend the existing mandatory period in return for a reduction in rent.

Ricoh has also expanded the area it will occupy in the building by some 1500m2 to almost 9000m2. This represents close to 90% of the total lettable area and confirms Ricoh’s commitment to this strategically positioned high profile building at the intersection of two major highways.

News, Sin categoríaComments Off on Yarrells Property represents Oxford House in HQ move

Aug302013

Oxford House one of the leading language schools in Barcelona contracted Yarrells Property on an exclusive basis to represent it in the search for a suitable property to relocate its two current premises into one flagship location.

After a process of analysis and comparison, lasting several months, where over 50 potential properties were reviewed, the team formed by Yarrells Property and the management at Oxford House selected a prominent unit of some 1,200m2, located on the corner of Diputación and Pau Clarís streets, just a few yards from the main Barcelona High Street, Paseo de Gracia.

YARRELLS PROPERTY has advised GNF throughout the process of selection of a Corporate Services partner for the search for the search for a new HQ in Paris. YP’s role was to prepare the documentation, analyse the proposals, interview the partner companies and advise in the final selection. The search is now ongoing with the move planned for 1st semestre of 2014

ACP PORTFOLIOS is a company set up as a joint venture between YARRELLS PROPERTY AND ACP EMI Estudios de Mercado. It’s goal is primarily to assist banks and investment funds in the strategic analysis and valuation of real estate portfolios.

ACP PORTFOLIOS provides consultancy services and strategic advice for both acquisition and sales of portfolios. The company also offers implementation services and asset management going forward and can enter into strategic agreements as local partner.

ACP PORTFOLIOS has created a tool to assist in the classification and organization of property portfolios, designed by the partners.

ACP EMI Estudios de Mercado, has over 20 years experience, analysing and placing value on residential projects in Spain. YARRELLS PROPERTY specializes in advisory services to international funds, family offices and property companies.

Gas Natural Fenosa has enlisted the services of Yarrells Property in the expansion and modernization of its high street presence. The company is currently in the process of leasing three Flagship units in the cities Madrid, Barcelona and A Coruña. The units will showcase the products and services offered by this leading energy company.

Advised by Yarrells Property, it has recently leased a prominent corner unit on Calle Mallorca in the city centre, just two blocks from the prime pitch of Paseo de Gracia

NewsComments Off on YARRELLS PROPERTY REPRESENTS RICOH IN OFFICE EXPANSION

Jan222013

Yarrells Property has completed its second deal in representation of the multinational Ricoh. Having being selected to house the department of shared services for Southern Europe, Ricoh contracted Yarrells Property in the search and negotiation of office space to house the department.

The deal was signed in the Testa 10 building where Ricoh’s current headquarters are located, after negotiating the freeing up of additional space to accommodate each phase of this expansion. In phase 1, signed end July 2012, Ricoh will occupy an additional approximate area of 1.700m2.

Testimonials

The advice and negotiating skills of Yarrells Property, working at all times as a team with the Cinesa directors, helped contribute to this excellent result, which is a win-win for all parties.

Javier Fernández, Managing Director, CINESA

I would like to take this opportunity to thank Yarrells Property. Their dedicated and professional approach more than fulfilled our high expectations.

Ramón Martín,, Managing Director and COO of Ricoh Spain

We would like to thank Yarrells Property for their invaluable contribution to both the purchase and leaseback negotiations.

Jose Miguel Coutinho Gouveia, Director, BPI Bank (Portugal)

At Oxford House we are very pleased to have found a new headquarters for our school in Barcelona. We will very gladly work with Yarrells Property again in the future.

Duncan Foord, Director, Oxford House

I’d like to thank Yarrells Property for their role in the negotiations, which was unquestionably key to the successful outcome. Yarrells Property was involved from the beginning, managing the expectations of both parties to reach a satisfactory agreement.

Javier Guinot Madridejo, Real Estate Manager, Gas Natural Fenosa

Given market circumstances it was a complex process and the team at Yarrells Property was proactive throughout to ensure the success of the deal.